The UK National Crime Agency (NCA) has revealed that it has seized £26.894 million ($32.75 million) in cryptocurrency.” Criminals are increasingly exploiting financial technology and crypto assets” to the detriment of “the UK’s economy and institutions,” the agency said.
NCA seized $33 million worth of crypto
The UK National Crime Agency (NCA) this week released its annual report 2021-22, which states on its website that the NCA “leads the UK’s fight to reduce serious organized crime and protects the public by targeting and pursuing criminals who pose the greatest risk to the UK.” It states.
The report details that between April 1, 2021 and March 31, 2022, the NCA seized property worth £5.979 million.
The seized property held by the NCA as of March 31, 2022 was cash, motor vehicles, and other valuables suspected to have been derived from criminal activity …. .597.9 million pounds.
The NCA also revealed that the seized property included £26.894 million ($32.75 million) in cryptocurrency. In contrast, no cryptocurrency was seized in 2020-21. The agency did not disclose which cryptocurrencies were seized.
The NCA also noted in its report that “criminals are increasingly exploiting financial technology and crypto assets” that “could harm the UK economy and institutions.”
Morgan Heavener, a partner at consultancy Accuracy, commented. “The NCA has been forced to move quickly to try to stem the use of these cryptocurrencies in financial crimes. The lack of regulatory oversight on cryptocurrencies is attractive to criminals seeking to move funds around the world.”
Other UK regulators have also seized cryptocurrencies over the years; in January, 12 UK police forces announced that they had seized some £322 million worth of cryptocurrencies in criminal investigations over the past five years. Last July, the UK Metropolitan Police announced that it had seized £180 million in cryptocurrency as part of a money laundering investigation.
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